MetLife Reaches $2 Billion Deal for Chile's Provida

By

Leslie Scism And

Erik Holm

Feb. 1, 2013 10:51 a.m. ET

MetLife Inc. struck an approximately $2 billion deal to acquire AFP Provida S.A., one of the largest private pension-fund administrators in Chile, as it moves ahead with plans to earn more of its income abroad and focus less on some capital-intensive businesses in the U.S.

MetLife, the largest U.S. life insurer by assets, will conduct a public cash tender offer for all of the outstanding shares of Provida, while Spanish lender Banco...